Cyprus triumphed in the IMO elections, maintaining its position in the Council’s Category C despite opposition from the Turkish bloc and Russian resistance. Deputy Minister Hadjimanolis’ leadership showcased Cyprus’ maritime influence and commitment to sustainable shipping practices, solidifying its stance as a key player in global maritime affairs.
cyprus maritime authority
The Capital Link Cyprus Shipping Forum in Limassol will spotlight Cyprus as a key maritime and business center, bringing together global stakeholders to discuss industry advancements and investment prospects. This prestigious event, supported by the Deputy Ministry of Shipping and Maritime Cyprus, promises networking opportunities and insights into the future of the maritime sector.
The United States has targeted Cypriot shipping firms Azoria Shipping Company Limited, Elixon Shipping Company Limited, and Glorina Shipping Company Limited with sanctions, in a bid to disrupt financial support for Russian aggression on the second anniversary of the invasion of Ukraine. The crackdown on maritime connections highlights the strategic enforcement by the US to impede Russia’s financial inflows and hold accountable those enabling or engaging in sanction evasion, with broader implications felt in Cyprus and beyond.
In the past year, Cyprus has achieved several significant milestones in its business sector. The Bank of Cyprus was honored as the “Bank of the Year” by The Banker, while Keve elected Stavros Stavrou as its new president. Cyprus was also reelected to the International Maritime Organisation (IMO) Council, and the Cyprus Stock Exchange reported a profit increase, indicating a resilient market.